February 9, 2018 – Ethereum Price Watch
- ETH price soared above the $880 barrier on Friday
- A double-top pattern has formed, peaking at $883.46
- A support level is held around $865, and a reversal could occur for another upward trend
ETH Breaks Above $880, Reversal Forthcoming
On Friday, Ethereum broke through its previously established resistance level and soared above $880 on two occasions. As shown in the ETH price chart below, a double-top pattern has formed with two peaks, and a support level is now held at around $865.
A bullish signal has been sent from the most recent candlestick pattern, and we could see a reversal above the $868 level, continuing along the current bullish trend line toward the $900 mark. The MACD indicator also had a crossover within the last hour, confirming the bullish signal.
Looking at the Technical Indicators:
- MACD — bullish signal as the MACD line cross over the signal line
- Major Support Level — $865
- Major Resistance — $900
Featured Image: twitter